UK November ILO unemployment rate 4.4% vs 4.4% expected

• Prior 4.3%
• Employment change 35k vs 33k expected
• Prior 173k
• Average weekly earnings +5.6% vs +5.6% 3m/y expected
• Prior +5.2%
• Average weekly earnings ex bonus +5.6% vs +5.5% 3m/y expected
• Prior +5.2%
• December payrolls change -47k
• Prior -35k; revised to -32k

The payrolls change continues to point to further softness in the labour market but wages continue to run hot. The latter will remain an issue for the BOE and continues to rise in real terms as well (as seen below). The jobless rate is seen ticking a little higher but again, ONS still has to sort of their data quality issues. The stats office notes that “we continue to advise caution, particularly when interpreting short-term change in the LFS”.

This article was written by Justin Low at www.forexlive.com.